Total existing-home sales (which include single family and condo) were at an annual rate of 4.97 million in the first quarter of 2015. This represents a number which is 6.2 percent higher than the pace during the first quarter of 2014.
Supply of Housing Inventory
There were 2 million existing homes available for sale at the end of the first quarter of 2015 which represents a 4.6 months’ supply of inventory which down from 4.9 months a year ago. A healthy balance of supply between buyers and sellers is 6 to 7 months.
Single Family Residential Prices
Home prices accelerated in 148 out of 174 metro areas (85%) during the first quarter of 2015. and the number of areas experiencing double-digit price appreciation doubled compared to last quarter. Compared to last quarter, the number of regions experiencing double-digit price appreciation doubled.
The national median existing single-family home price in the first quarter was $205,200, compared to $191,100 in first quarter of 2014. This represents a 7.4% increase year-over-year.
Whether you are thinking about buying your first home or selling your current residence to buy the home of your dreams, meet with a professional in your market to discuss how the numbers above have affected your neighborhood’s prices.